This seems to be a running issue with the PS3. i was going to get one but I will wait until they sort this out. I am still working with my 3 year old 360 but wouldnt mind getting PS3 at some point for GT5 and a few others.

Hmm, could be a few things but if it's anything but a slim the blu-ray drive might have failed (sounds like this is it, try to Google it). While not as infamous as the RROD for the Xbox they have had a significant failure rate on the first drives.

I had it happen to me and spent $120 to have it repaired at a small electronics shop (slim wasn't out yet). I think it was $140 to have Sony fix it, and I didn't want them to profit to fix something they didn't build properly (the parts cost about $40 I think).

I would have done it myself but was having a problem finding a blu-ray drive on ebay since the above mentioned electronics shops would snatch them all up so they could have their techs repair it for some easy money.

My 40gb PS3 is not reading DVD, bluray or game discs. Is this like the new problem of all PS3s? I did call customer service and they will charge me like 140+ tax to fix the PS3...
Any options on how to fix it? CD laser cleaner?
Any good bundles out there that you know of?
Thanks, JESM.

My old 40 gig had the same problem as well. Just went out and bought the new slim.

There are bunch of guides out there on how to replace the lense in the ps3. So if you are good with hardware stuff you can replace it yourself. Try googling it, it should give you the part number for it. But watch out, I read that some of the lenses are cheap knockoffs.